Yeah Moose, this should turn out to be a pretty good move by the Hornets. Here's more on the Peterson agreement (I'll just call it an agreement until he officially signs :) ).

LAS VEGAS -- Morris Peterson of the Toronto Raptors, whom the Hornets' targeted as their top priority to sign in free agency, agreed to a four-year, $23 million contract with the team Friday.

Peterson will become the Hornets' starting shooting guard, and Peja Stojakvoic will be moved to small forward, his natural position. In 2004, the Hornets signed Peterson to a three-year, $15 million offer sheet, but the Raptors matched it to retain him.

"Morris feels blessed for this opportunity to play for Coach Byron Scott with a great style of play," Peterson's agent, Rob Pelinka said. "To play with one of the top point guards in the NBA in Chris Paul and to play for an organization in a city where so much has happened, that's just a part of Morris because he has family there."

Hornets General Manager Jeff Bower said Peterson will sign his contract next week. No exact day is set because Peterson went on vacation with his mother after reaching the agreement.

Negotiations between Pelinka and Bower moved at a brisk pace late Thursday night. Cleveland, Miami and New Jersey expressed interest before Peterson narrowed his decision between the Hornets and the Utah Jazz.

Earlier this week, Peterson visited the Jazz, but no contract offer was made. Unlike some free agents, Peterson didn't need to tour the team's facilities in New Orleans to make his final decision.